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Naira Named Fourth Worst Performing Global Currency in 2016

Discussion in 'News > All' started by Small6ter, Dec 30, 2016. Views:222

  1. Small6ter

    Small6ter is a Verified MemberSmall6terwww.6ters.com

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    15,130
    The Nigerian naira has closed on an abysmal note after ending the year as the fourth worst performing currency in 2016.

    [​IMG]
    Curriencies (File Photo)

    The naira had a huge hit this year as it performed woefully against other currencies losing most of its value. According to a report by Bloomberg, here is a look at how the world's currencies performed in 2016.

    It was a particularly bad year for any currency called the "pound." The Egyptian version was the worst performer in 2016 as the nation took the dramatic step of allowing it to trade freely in an attempt to stabilize an economy struggling with a dollar shortage and concerns over social unrest. Britain's pound tumbled after Brexit and never recovered.

    On the other side of the spectrum, digital currency bitcoin was the best performer this year, rising more than 100 percent as capital controls in places like China and isolationist rumblings in the U.K. and U.S. have fueled interest in alternate currencies.

    [​IMG]

    When it comes to currencies issued by governments and central banks, the Russian ruble has been the best performer of the year as the oil market rebounded.

    Nigeria's equity market fared worst in the year. The nation's economy is set to contract in 2016 for the first time in more than 20 years as capital controls deter foreigners from investing and militants are blowing up pipelines. The naira became the fourth worst performing global currency in 2016 losing most of its value.

    Despite recent unrest, Brazil's Ibovespa stock index remains the best performer for 2016 when looking at all indices in terms of the U.S. dollar. This is largely due to hopes that President Michel Temer, who took office after Dilma Rousseff was impeached, will end the worst recession in a century and bring about political stability.
     
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  2. HoneyBlinkz1

    HoneyBlinkz1Addict

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    For me, the naira is the worst peeforming currency in the world and that came to be since the buhari change administration took over. They have given us the worse change we least expected. The 5 naira, 10 & 20 naira are more or less useless now because they cant buy nothing no more..
     
  3. teezhie

    teezhieEnthusiast

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    this recession affected everything concerning Nigeria and definitely our. currency.... naira can only be more useful if this recession can stop maybe naira would gain some more value and come up again
     
  4. ganiyat

    ganiyatFanatic

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    Na wa for naira o. So what's the way forward. Is this going to continue to be the order of the day for 2017? Me I'm tired of all these o
     
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